In 2017, prominent investor bankers like Jamie Dimon of JPMorgan Chase were calling Bitcoin a fraud. This year, they’re singing a different tune, and we’re seeing people of the caliber of George Soros investing in crypto. Now, the Rockefeller family is investing in cryptocurrency.
Their $3 billion venture capital firm, Venrock was created by John D. Rockefeller’s family and is expanding its portfolio to include digital assets. The company focuses on start-ups with a high probability for success. They were early investors in Intel and Apple, and their clients include companies like Nest and Dollar Shave Club.
Venrock has made some very good investment decisions, and their foray into the cryptocurrency market can only mean one thing: they’ve done their research and see cryptocurrency as a viable investment opportunity. By extension, we can expect to find numerous capital management companies following their lead and getting into the cryptocurrency market.
David Pakman, a partner at Venrock, said that the company wasn’t interested in short-term gains, but rather the long-term investment opportunity, according to an article in Fortune. To see this journey through to fruition, Venrock has partnered with CoinFund, a fund that specializes in digital assets. CoinFund is also a VC firm that invests in digital currency and blockchain companies.
Venrock and CoinFund met through a mutual investment in YouNow, a company that develops video streaming apps, which also launched an ICO, on Ethereum, to supplement its existing technology. Adi Sideman, CEO of YouNow, stated that the new app will supplement its existing one, named Rize, and its tokens, nicknamed “propes.” CoinFund helps make companies create regulation-compliant ICOs. Jake Brukhman, a cofounder of CoinFund is excited to bolster New York’s cryptocurrency marketplace. New York has among the strictest cryptocurrency policies in the US, with BitLicense in place, and other systems.
Pakman and Brukhman see blockchain technology to replace middlemen. According to Pakman, “Gatekeepers tend to charge rent or toll on users. The benefit of the advent of crypto is that we have fewer gatekeepers.”
With the Rockefellers, Soros and others coming into the fold, we can expect other top investors to follow. Cryptocurrency is here to stay, and the dust is already starting to settle. While people with weak hands are pulling out of the market, and the fraudulent ICOs are being weeded out from the viable projects, the heavy hitters are taking on new positions in crypto. What we can hope for now is some insight into which cryptocurrencies they will invest in.
Venrock is a serious company, with serious clients that includes companies from a broad section of industries. Their mission is to help entrepreneurs build disruptive, successful companies. They believe that their “collaboration – engagement, network, passion and experience” will give entrepreneurs who engage their services to get an edge over the competition. They’ve done this with hundreds of entrepreneurs and companies to disrupt the status quo. They believe in adding value, and see entrepreneurs as at the center of the discussion.
Daniel is an experienced and dynamic entrepreneur with a demonstrated history of launching and operating successful businesses. Skilled in Business Strategy, Technical Consulting, Coaching, Sales, Entrepreneurship, Team Building, and Public Speaking.
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